Chicago City Wire

Chicago City Wire

Monday, November 11, 2019

Former EMT lieutenant Joyce paid in $119K to pension fund, could collect $4.42M in retirement

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By Local Labs News Service | May 1, 2018

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Former EMT lieutenant Thomas Joyce, who retired in April 2018, saved $119,189 toward a pension over 38 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Joyce would collect as much as $4.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Joyce received $93,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Joyce will have already received $188,790 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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